NetGuru Inc Ready To Delist
By: David Utter
The engineering software and services company thinks it may be time to shut down its listing on Nasdaq and find a buyer or partner for the firm.
Trading at 32 cents at press time, netGuru (NGRU said in a statement it has a cash position of about $3.3 million. Only $800,000 of that is available as working capital and accessible as cash.
"$1.1 million remains restricted in connection with the sale of the REI division in November 2005, and another $1.4 million is reserved for operational commitments," netGuru said.
Rather than face the Nasdaq's mandatory delisting should its share price remain under $1.00, the company may go ahead and voluntarily delist. That would also end its SEC reporting obligations.
Before that happens, netGuru would like to find a partner or buyer for the company. "Discussions with a number of public and private entities continue to be held involving potential asset purchases, common stock purchases, and reverse mergers, but, to date, interest has been at levels substantially below valuation indicated by recent stock price," netGuru said.
But the company noted its cash burn rate may force it to delist if it cannot come to terms with a buyer or partner in the next few months.
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